Global natural catastrophe losses for 2009 are estimated to have cost insurers more than $20 billion, according to assessments from two insurance industry participants.
Munich Re released an assessment today for 2009, estimating that insured catastrophe losses amounted to $22 billion, with a severe economic loss of $50 billion. This was almost half of last year’s $50 billion in insured losses and $200 billion in economic losses.
In addition, Aon Benfield’s “Annual Global Climate and Catastrophe” report, released last week (available at www.aonbenfield.com), put the insured loss at $20 billion with economic losses slightly higher than Munich Re at $58 billion.
Aon Benfield, a subsidiary of Chicago-based insurance broker Aon Corp., said catastrophe levels were similar to the past two years, with 222 separate events–compared to 213 in 2008 and 217 in 2007.
“Overall, it was a very light catastrophe year, for the third year in a row,” Aon said.
Munich Re put the total of natural hazard events at 850, above the long-term average of 770. Average economic loss numbers over 10 years come in at $115 billion and average annual insured losses at $36 billion, according to the reinsurer.
Notable about 2009 is the “high level of individual severe-weather losses in the U.S.A,” Munich Re said, adding that three events alone each caused $1 billion in insured losses. Severe weather losses accounted for 45 percent of global insured losses, the company added.
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